Real estate expert Walid Al-Zarouni, Chairman of W Capital Real Estate Brokerage Company, proposed unifying contracts for the sale of projects under construction in the real estate sector in the Emirate of Dubai, which is supervised by the Dubai Land Department.
Al-Zarouni said - according to a statement seen by the Namazoun portal - that the unified guiding contract aims to regulate the contractual relationship of buyers of real estate units in sales projects on the map (under construction) with the real estate developers implementing those projects, and a statement of the rights, duties and obligations of all parties. p>
He stressed that the contract should include 3 basic clauses that include investor rights towards the developer, developer rights towards the investor, in addition to mentioning the annual service fees in the contract.
He added that the unified contract would achieve many public and private benefits, the most prominent of which is increasing confidence in Dubai real estate and achieving great benefit for the real estate market in the emirate and its dealers, in addition to providing more guarantees, in addition to contributing to more protection for buyers' rights And real estate investors.
He pointed out that the unified contract also represents an obligation on real estate developers to implement according to the time plan for each project according to the approved models and specifications, and its role is to issue a license to sell or rent any real estate units on the map, regardless of their purpose, method of development or method of construction of various kinds.
